from Summit Notebook:

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It's hard to imagine that a banker who represents multimillionaires would be anything but professional - but a top executive at a leading global bank thinks that's precisely the wealth management industry's problem.

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The mood in the asset management industry is ”very cautious, very realistic but not pessimistic” after the financial industry’s “Chernobyl” of Lehman Brothers collapse, according to Europe’s fund industry chief.

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“Dear readers, let us begin this week’s missive by acknowledging its partial incompleteness. For understandable considerations, there are some capital market situations that we cannot discuss. We thank all our readers for their support and look forward to continuing to provide you with timely analysis.”